Reliance Retail Ventures Limited (RRVL) on Wednesday said it is acquiring a majority stake in Alia Bhatt’s children’s wear brand Ed-a-Mamma.
In a statement, RRVL said it has signed a joint venture agreement with Ed-a-Mamma to acquire a 51% stake. However, it didn’t disclose the financial details of the deal.
RRVL said it aims to closely collaborate with Bhatt and leverage the management strength of its subsidiary Reliance Brands to spearhead the business.
Founded in 2020, Ed-a-Mamma manufactures and sells kids-wear and maternity-wear products. The startup operates on an omnichannel model, selling across ecommerce platforms, its website, and offline retail chains, including Lifestyle and Shoppers’ Stop.
“With sustainability as its core proposition the brand has garnered acclaim for its meticulous attention to detail, using ethically sourced materials and eco-conscious production processes. This aligns seamlessly with Reliance Brands’ vision of fostering a more responsible future for the fashion industry,” said Isha Ambani, director of Reliance Retail Ventures Limited.
The development comes at a time when Reliance Retail is taking big strides to expand its online retail presence. Recently, the company entered into an agreement with the once-banned Chinese fast fashion brand, Shein, to reintroduce it to the Indian market.
Last month, the wholly-owned subsidiary of Reliance Industries received an investment of INR 8,278 Cr from the Qatar Investment Authority at a pre-money equity valuation of INR 8.3 Lakh Cr.
RRVL’s digital and new commerce businesses, including its fashion ecommerce venture AJIO, contributed 18% to its total revenue in Q1 FY24. The retail arm’s net profit stood at INR 2,448 Cr in Q1, while operating revenue was at INR 62,159 Cr.
RRVL also entered into the beauty and personal care (BPC) space in the country with the recent launch of its brand Tira, posing significant competition to Nykaa.
RRVL has been expanding its portfolio through multiple acquisitions, including those of V Retail and Insight Cosmetics, in the recent past.
The post Reliance Retail Acquires Majority Stake In Alia Bhatt’s Ed-a-Mamma appeared first on Inc42 Media.
